Debt Settlement Can Cause Problems For Those Looking For Debt Help

The promise in the ads can be exciting: ’Get your debt forgiven for pennies on the dollar.’ But according to Leo Quinn, a Financial Educator from upstate NY, “What many individuals don’t find out until it’s too late is that the debt settlement process can leave them with horrible credit, a bill from the IRS, even higher interest rates and fear of the telephone ringing. ”

Quinn continues, “The concept of getting a reduction on debts is real; it’s done every day, but there are consequences. It can be done without involving a third-party, paying big fees and without totally ruining a credit report. ”

Another drawback of inadequate debt settlement is that it may result in a tax bill on the amount forgiven. For example, a $10,000 debt reduction in the 30% tax bracket may result in a bill from Uncle Sam for $3000 on that ’unearned income’.

To discover more about debt settlement and other services consumers don’t need to pay a lot of money for, read Leo Quinn’s new report: “Beware the ’Free’ CD and 6 other costly mistakes you could make with your money in 2009”

To get a free copy of this valuable report, visit: www.BewareTheFreeCD.com

Contact Information

Leo J Quinn Jr

Financial Educator

Leo J Quinn Jr

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